Philanthropy is an intensely popular industry that encourages people to give back to their communities. Whether through corporate giving or personal volunteerism, the more people give back each day, the more people in need get the help they’re looking for. In the short term, philanthropists gain instant gratification from knowing that they’ve done something good to help their fellow humans—this is what most people chase when beginning their philanthropic journeys.
What many people don’t know is that practicing philanthropy can benefit the philanthropist, those they are helping, and society as a whole in the long run. No matter how people practice charitable giving, there’s no doubt that helping others is a crucial part of personal and professional success.
Take, for example, corporate giving. Many businesses take part in charitable giving through company-wide donations and giving their employees paid days off for volunteer work. This is crucial for company culture as it builds a strong sense of community between coworkers, increases productivity in the workplace, and forms loyalty among employees and their employers.
Philanthropy can also give companies a huge PR boost when they act charitably. By donating money to non-profit organizations, businesses will gain positive exposure and improve their reputation with customers, employees, partners, and the community. The better a business’s reputation is, the more sales they’ll ultimately make—roughly 90% of customers will shop at businesses that actively support a cause. In the same grain, Millennial job seekers are much more likely to apply to a company that supports a cause because they’ll feel a sense of purpose while working there.
Charitable giving impacts people individually as well. Parents can teach their children about the importance of helping others when participating in philanthropy and build on a child’s emotional intelligence. Many non-profits are involved in projects and events, providing parents with another teaching moment for their children: they can teach their children how to set goals, manage money, and plan projects correctly. These children typically end up being adults who continue volunteering and helping their communities.
Additionally, philanthropy can vastly improve a person’s health. The body is actively moving while volunteering and working, which keeps people active for however long they work the charity event. Helping others can increase a person’s mood, reduce stress, stave off loneliness, and combat symptoms of depression.
No matter how people give back, it’s clear that philanthropy is beneficial to society in the long run. The more people participate, the happier they, and their communities, will be.